Mortgage Servicers Freddie Mac

News & Analysis as of

GAO Report: Regulatory Oversight of Nonbank Servicers Could Be Stronger

On April 11, the Government Accountability Office (GAO) released a report titled, “Nonbank Mortgage Servicers: Existing Regulatory Oversight Could Be Strengthened.” The report analyzes data on the mortgage servicing market...more

FHFA Announces Program Changes to Aid Delinquent Borrowers

On April 14, 2016, the Federal Housing Finance Agency (FHFA) announced two changes concerning its policies affecting delinquent mortgage loans: first, it announced that Fannie Mae and Freddie Mac will offer mortgage...more

Regulatory and Litigation Trends Regarding Lender-Placed Insurance

In recent years, LPI has been the subject of significant New York state regulatory action resulting in consent decrees prohibiting certain practices that were alleged to raise insurance rates. Similar federal action on behalf...more

Fannie And Freddie Loans Could Be Next FCA Targets

By now, lenders that make loans insured by the federal government are well acquainted with the False Claims Act. Following the financial crisis, the U.S. Department of Justice has aggressively used the FCA to collect billions...more

GSEs Release Revised Framework for Origination Defects and Remedies — The Proof Will Be in the Execution

By recently releasing yet another revised representation and warranty framework, Fannie Mae and Freddie Mac continued their efforts to assuage the concerns of the lending industry that a default by a borrower poses an unfair...more

Regulators Demand “Good Faith Efforts” for TRID Implementation

Why it matters - Federal regulators said they don’t expect perfection from banks trying to comply with the new mortgage disclosure requirements but will not turn a blind eye with regard to enforcement. In letters to...more

Special Alert: CFPB Adopts Significant Expansion of HMDA Reporting Requirements

On October 15, the Consumer Financial Protection Bureau (the CFPB or Bureau) issued a final rule that will expand the scope of the Home Mortgage Disclosure Act (HMDA) data reporting requirements while seeking to streamline...more

Transitional period and initial supervisory practice over TRID

The CFPB sent industry trade groups a letter on October 1, 2015 to address the approach of the FFIEC member agencies during the initial months following the implementation of the TILA-RESPA Integrated Disclosure (TRID) rule...more

Consumer Finance Update: Fannie and Freddie Issue Updates to Seller/Servicer Eligibility Requirements, and to Servicing Standards...

On May 20, 2015, both Fannie Mae and Freddie Mac issued updates (Fannie Mae Servicing Guide Announcement SVC-2015-08 and Freddie Mac Bulletin 2015-8, respectively) regarding the Eligibility Requirements for Seller/Servicers...more

FHFA Releases Fannie and Freddie’s New Eligibility Requirements for Seller/Servicers

On May 20, the FHFA announced that Fannie Mae and Freddie Mac released updates to their operational and financial eligibility requirements for single-family mortgage Seller/Servicers. Because of changes in the servicing...more

Fannie Mae and Freddie Mac to Issue New Seller/Servicer Eligibility Requirements

On May 20, the FHFA announced that Fannie Mae and Freddie Mac are issuing new finalized operational and financial eligibility requirements for mortgage seller/servicers. The updated requirements will be communicated through...more

FHFA Announces Minimum Capital and Liquidity Requirements for Non-Bank Servicers

On January 30, 2015, the Federal Housing Finance Agency (FHFA) proposed new minimum financial eligibility requirements for non-bank sellers and servicers of mortgage loans to Fannie Mae and Freddie Mac (the GSEs). The...more

Lender-Placed Insurance Actions Continue to Simmer

Litigation and regulatory scrutiny surrounding lender-placed insurance (“LPI”) practices, initiated in large part on the heels of the mortgage crisis, continues to simmer. While the largest LPI class actions have settled,...more

FHFA Issues Advisory Bulletin, Tightens Oversight of Single-Family Servicers and Sellers

On December 1, the FHFA issued an advisory bulletin highlighting its supervisory expectation that Fannie and Freddie maintain the safety and soundness of their operations by closely assessing the risk profile of lenders and...more

FHFA Releases New Fannie Mae/Freddie Mac Instructions on Single-Family Seller/Servicer Oversight

On December 1, 2014, the Federal Housing Finance Agency (FHFA) released a new advisory bulletin with significant implications for “all entities that sell single-family mortgage loans to [Fannie Mae or Freddie Mac] or perform...more

OIG Audit Determines FHFA Should Direct The GSEs To Require Independent Assurance Of Counterparties’ Compliance

Recently, the FHFA Office of the Inspector General (OIG) concluded that the FHFA can further mitigate the risks posed by Fannie Mae’s and Freddie Mac’s reliance on third-party mortgage loan sellers and servicers...more

Freddie Mac Updates Single-Family Seller/Servicer Guide

On September 15, Freddie Mac released a bulletin updating portions of Single-Family Seller/Servicer Guide (“Guide”) governing foreclosures and foreclosure alternatives. The updates include changes to the loan modification...more

Freddie Mac Implements FinCEN AML Rules, Updates Other Selling And Servicing Policies

On August 14, Freddie Mac issued Bulletin 2014-15, which reminds seller/servicers subject to the AML requirements of the BSA that they are expected to maintain an AML compliance program and are required to report to Freddie...more

Inspector General Report Urges FHFA To Consider Lender-Placed Insurance Suits

On June 25, the FHFA Office of Inspector General (OIG) published a report that urges the FHFA to consider whether to pursue servicers and insurers for alleged lender-placed insurance (LPI) losses. The OIG cited prior...more

Freddie Mac Updates MERS Requirements, Fraud Reporting, Other Selling And Servicing Policies

On June 19, Freddie Mac issued Bulletin 2014-12, which updates and revises numerous selling and servicing requirements. According to the Bulletin, Freddie Mac has determined that because sellers/servicers will have difficulty...more

OIG Urges FHFA To Sue Over Force-Placed Insurance

The Office of Inspector General (“OIG”) for the Federal Housing Finance Agency (“FHFA”) is urging the FHFA to sue its servicers and lender-placed insurance (“LPI”) providers because Fannie Mae and Freddie Mac have suffered...more

Freddie Mac Announces Numerous Servicing Policy Updates

On June 3, Freddie Mac announced revisions to numerous servicing policies, including policies regarding, among other things, short sales and deeds-in-lieu of foreclosure (DILs), the CFPB’s mortgage servicing rules, and...more

How the Great Recession Has Affected Mortgage Securitization, Servicing, and Homeownership

The house price bubble and the financial crisis exposed significant weaknesses in mortgage underwriting, the packaging of mortgage-backed securities (MBS), and the mortgage servicing industry. Over the course of the Great...more

Freddie Mac Withdraws Fraud Training Requirement, Updates Various Selling Requirements

On November 15, Freddie Mac issued Bulletin 2013-23, which withdraws recently announced fraud training requirements and describes various changes to other requirements. Citing the need to assess industry feedback, Fannie Mae...more

Freddie Mac Revises Numerous Selling, Servicing Requirements

On September 24, Freddie Mac issued Bulletin 2013-18, which updates and revises certain selling and servicing requirements. Effective October 1, 2013, Freddie Mac will require that seller/servicers (i) provide third-party...more

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